- Ripple CEO Brad Garlinghouse calls for clear U.S. crypto regulations, urging collaboration with global economies amid election debates.
- Garlinghouse emphasized the need for the U.S. to collaborate with other growing economies on crypto rules.
- Ripple CLO Stuart Alderoty stated that crypto is a pivotal issue in the 2024 elections.
Ripple CEO Brad Garlinghouse urges U.S. regulators to establish clear cryptocurrency regulations, emphasizing the need for global collaboration amid the 2024 election debates.
Ripple CEO Pushes for Clear Crypto Regulations
Garlinghouse’s appeal is critical as U.S. lawmakers face pressure to update and clarify cryptocurrency regulations. House of Representatives leaders overturned the current rules, with members voting against them. This political shift highlights the growing importance of cryptocurrency in the U.S. political landscape.
Ripple CLO Highlights Crypto’s Role in 2024 Elections
Supporting Garlinghouse, Stuart Alderoty, Ripple’s Chief Legal Officer, stated that crypto has become a major pivotal issue in the 2024 elections. Alderoty added that Ripple will continue to support the policies and policymakers that move the U.S. forward. Moreover, Ripple CLO stressed that the U.S. must catch up to other major global centers that have committed to precise rules of the road for the industry.
Presidential candidate Donald Trump has voiced support for cryptocurrency. The ex-president, aiming for a return to office, has promised to make the U.S. the leading cryptocurrency hub. His stance has added a new dimension to the ongoing debate about the future of digital assets in America.
Senator Cynthia Lummis has reiterated the growing support for crypto assets in Congress following recent industry victories. The pro-crypto legislator wrote that a pro-industry coalition is forming in Congress. This statement underscores the increasing acceptance and backing of cryptocurrency among U.S. lawmakers.
Republican Crypto Bill Gains Election Spotlight
The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to provide regulatory clarity for digital assets and protect consumers. The Republican-favored crypto bill has become a significant topic of discussion amid this year’s upcoming election. The bill seeks to clarify the treatment of digital assets sold under an investment contract.
“A digital asset sold or transferred or intended to be sold or transferred pursuant to an investment contract is not and does not become a security due to being sold or otherwise transferred under that investment contract,” the bill reads. This provision is designed to offer a clear framework for classifying and regulating digital assets.
SEC Criticized for Stance on Cryptocurrency Regulation
The House Committee on Agriculture has criticized SEC Chair Gary Gensler and the SEC for their political stance on cryptocurrency regulation. The Committee highlighted that the XRP decision in July 2023 was a pivotal development in creating a regulatory framework. This decision has sparked ongoing discussions about the role of the SEC and the need for clear guidelines in the cryptocurrency industry.
Conclusion
Ripple CEO Brad Garlinghouse’s call for clear U.S. crypto regulations highlights the urgent need for a cohesive regulatory framework. With the 2024 elections approaching, the role of cryptocurrency in the political landscape is becoming increasingly significant. The ongoing debates and legislative efforts underscore the importance of establishing clear guidelines to foster innovation and protect consumers in the rapidly evolving digital asset space.
